Canadian Securities Administrators Propose Further Changes To Officer Certification Requirements

On November 23, 2007, the members of the Canadian Securities Administrators (CSA) issued a notice to inform market participants of a delay in the initiative to replace Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Fillings (MI 52-109). Upon review and consideration of the comment letters received in response to the proposed officer certification instrument published on March 30, 2007 (withdrawn proposal), the CSA has decided to make significant revisions to certain aspects of the withdrawn proposal. We commented upon the proposed instrument in an earlier issue.

As a result, the CSA will publish for comment a revised officer certification instrument (revised proposal) and the implementation of changes to officer certification requirements will be delayed beyond the previously scheduled date of June 30, 2008. However, certain newly proposed changes to officer